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Banks use summer camps for rich millennials as a way to woo future clients: Report



rich people private planeScott Olson/Getty Images

  • Big banks have begun courting millennials from wealthy
    families in an effort to woo them as future clients, Bloomberg
  • At a recent summer camp sponsored by Swiss banking
    conglomerate UBS Group, a group of wealthy millennials enjoyed
    entrepreneurial workshops, luxurious food and drink, and niche
    networking opportunities.

At a three-day event sponsored by Swiss banking conglomerate UBS
Group, a number of wealthy millennials reportedly lugged a
40-pound keg of water for a mile-long journey. The trip’s goal?
To get a better understanding of the grueling excursions many
women in impoverished communities regularly make to get water.

Bloomberg reports,
the group was rewarded with cocktails at a
swanky townhouse, where it was later announced that UBS would
donate $12,000 to build a well for a community in the name of its
moneyed guests.

These “workshops,” reports Bloomberg, have become a trend among
big banks, which have begun to offer luxurious, multi-day
experiences to affluent young people in an effort to woo them as
future clients.

At this particular UBS summer retreat, which was hosted at The
Four Seasons in New York, the barrier to entry was high: Invitees
all had a reported minimum of $10 million in their families’ bank

Familiarizing their affluent guests with UBS was, seemingly, just
one part of the bank’s mission: At UBS’s summer camp, guests
enjoyed a number of entrepreneurial-themed lessons including
demonstrations on “impact philanthropy,” like the water-lugging
example above. Other camp perks reportedly included niche
networking opportunities and wine tastings led by Jon Bon Jovi’s

Read the full story over at Bloomberg.

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